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| New Frontiers |
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Africa is of great interest to oil companies, owing to the high ratios of light and sweet crude oil preferred by refiners in the big consuming economies. The continent holds 10% of world proved oil reserves. Though Libya and Nigeria account for 64% of Africa’s reserves, there is heightened interest in marginal producers with the Gulf of Guinea recently yielding significant finds in Equatorial Guinea and Ghana. Such new finds also present the challenge of developing the required infrastructure to extract and transport the final output particularly in landlocked countries like Chad and Uganda.
SMBCE’s experience includes lending for upstream development in Gabon, Angola, Nigeria and Ghana. We have supported mid-stream LNG project financing in Egypt for Damietta LNG. SMBCE has also provided pre-export finance facilities for Sonangol in Angola and Tema oil refinery in Ghana.
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